HYBIO(SZ:300199) Xin Lang Cai Jing·2025-04-27 01:35Core Insights - In 2024, Shenzhen Hanyu Pharmaceutical Co., Ltd. demonstrated significant financial improvements, with a notable increase in net cash flow from operating activities and a substantial reduction in sales expenses, indicating a strategic shift in operations and financial management [1][11][4]. Financial Performance Summary - Revenue Growth: The company's revenue for 2024 reached 590.20 million yuan, a 36.82% increase from 431.38 million yuan in 2023, driven by a rise in overseas sales, particularly in peptide formulations and raw materials, with foreign revenue accounting for 55.10% of total revenue [2]. - Profitability: The net profit attributable to shareholders was -173.65 million yuan, a 66.21% reduction from -513.88 million yuan in 2023, reflecting improved revenue and cost control [2]. The adjusted net profit, excluding non-recurring items, was -239.65 million yuan, a 59.44% reduction from -590.91 million yuan [2]. - Earnings Per Share: Basic earnings per share improved to -0.20 yuan from -0.58 yuan in 2023, indicating a narrowing loss [3]. Expense Analysis - Sales Expenses: Sales expenses decreased significantly by 50.76% to 119.49 million yuan from 242.64 million yuan in 2023, suggesting a more efficient sales strategy [4]. - Management Expenses: Management expenses remained relatively stable at 122.45 million yuan, slightly down from 127.70 million yuan in 2023, indicating consistent operational management [5]. - Financial Expenses: Financial expenses decreased by 9.03% to 113.95 million yuan, with interest expenses still high at 106.50 million yuan, reflecting ongoing debt burdens [6]. Research and Development - R&D Expenses: R&D expenses were 88.01 million yuan, down 45.50% from 161.50 million yuan in 2023, primarily due to reduced clinical trial and outsourcing costs [7]. - R&D Investment: Total R&D investment was 119.49 million yuan, accounting for 20.25% of revenue, a significant drop from 44.96% in 2023, with a higher proportion of capitalized R&D expenses [9]. - R&D Personnel: The number of R&D personnel increased slightly to 196, with a stable educational structure, indicating a focus on enhancing team quality [10]. Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities surged to 164.71 million yuan from -3.54 million yuan in 2023, marking a 4757.21% increase, reflecting improved cash generation capabilities [11]. - Investment Cash Flow: Investment cash inflow decreased by 77.51% to 51.65 million yuan, while cash outflow increased by 48.52% to 121.66 million yuan, resulting in a net cash flow of -70.01 million yuan [11]. - Financing Cash Flow: Cash inflow from financing activities rose by 10.22% to 1.53 billion yuan, but cash outflow increased by 45.08% to 1.88 billion yuan, leading to a net cash flow of -345.48 million yuan, indicating high reliance on external financing [12].